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Project management is the practice of using set rules, procedures, and policies to guide a project from when it is first thought of to when it is finished.

Project management uses these best practices to ensure that a project is finished in a way that meets all of its goals, from spending limits to end-goal objectives.

Usually, the first step is the project charter, a short formal document that gives project managers written permission to start work and lists the goals, objectives, resource needs, stakeholders, and possible problems. The project plan describes these parts in detail and tells the people in charge of the project about all of them, including any issues or surprises that might come up.

People from different parts of a company or even other companies must often work together for part or all of a project to reach the same goal. This is a standard part of project management. So, for a project to be successful, project managers need to be able to talk to people from different fields and get them to work together.

 

What is a project ?

To fully understand how important project management is, you need to know what a project is.

A project is a long-term task with a clear beginning and end. For example, putting in place a new computer system is a project. Also, it is a one-time thing, which makes it different from things like a governance programme or an asset management programme, which are ongoing.

Projects have always been around, and people have been managing them for thousands of years. But the art and science of seeing a project through from start to finish didn't become a formal management discipline until the middle of the 20th century.

Professional organizations codify project management.

Several significant events in the second half of the 20th century contributed to the formalization of project management. To promote project management as a profession, In 1965, the International Project Management Association was founded as the International Management Systems Association, a combination of dozens of preexisting PM groups worldwide.

Soon after, in 1969, the Project Management Institute, or PMI, was established to promote, professionalize, and standardize project management. In 1984, the Project Management Institute (PMI) began its certification programme. The seminal and regularly revised ( PMBOK ), or A Guideline to the Project Management Body of Knowledge, was first published in 1996. (PMBOK). The Association for Project Management (APM) was founded in 1972 as a certification body for project and programme managers in the United Kingdom.

With the creation of these professional organizations came a number of project management frameworks. In addition to the traditional waterfall method, which divides projects into steps that happen in order, the late 20th century also witnessed the rise of agile project management and Critical Chain Project Management.

 

Elements of project management

PMBOK divides project management into five different phases:

1. Initiating
2. Planning
3. Executing
4. Monitoring and controlling
5. Closing

Also, people who work in project management know that they have to take care of several different areas as part of their jobs. Commonly on the list are the following:

1. Integration
2. Scope
3. Time
4. Cost
5. Quality
6. Procurement
7. Human resources
8. Communications
9. Risk
10. Stakeholder

 

Project management examples

Project management is used in almost every area of an organization to run projects. For instance, project management can be used to make sure that the following are done well, quickly, and successfully:

• the implementation of an enterprise software system, such as a customer relationship management (CRM) platform;
• the development and release of a new product or service;
• the opening of a new office or store;
• the creation and launch of a marketing campaign; and
• the construction of a new building or structure.

 

Who is a project manager?

A project manager specializes in project management and knows how to use project management principles and practices to plan and carry out a project successfully.

Project managers are there to make sure that projects are finished well. They should figure out what tasks need to be done to complete the project, make a schedule for doing those tasks, and get the resources they need to finish the project on time, on budget, and with the desired result.

Most projects in a typical organization are run by project managers who are direct teams from different functional areas. These teams are expected to work together during the project to reach the goal. Project managers must be good at leading, getting along with others, and talking to people.

Project managers are also expected to deal with risks and problems by implementing the proper controls and developing ways to get around issues as they arise. To become a good project manager, you must be proactive in changes and change your plan when problems occur.

The project manager's role is a specific one within a company. It's not the same as being a business unit or functional manager, even if they are also involved in a project.

 

PMP Training Course

Most project managers are qualified for their jobs because they have specialized training in project management and work experience. In addition, a lot of project managers have professional certifications. The Project Management Professional designation from the PMI is the most common and well-known. 

In addition to or instead of certification, most project managers also have a long history of leading project work. Many start as project coordinators for smaller projects and then keep doing that job for more extensive and complicated projects. They could also move right into roles as project managers for small projects. Junior project managers work with more experienced project managers to learn on the job.

Project managers usually advance in their careers by undertaking more extensive and complicated projects, becoming programme or portfolio managers, or running a project management office.

Many project managers know at least the basics of one or more business functions, like technology, operations, or marketing. This gives them a better idea of running projects involving those departments.

 

Enroll in our one-of-a-kind PMP Certification training course today and boost your project management skills to another level. Learn with the team of IT Senior Project Management Consultants.

Background in methodologies and tools

Project managers also know how to use different ways of managing projects. They are good at figuring out which method or combination of approaches will work best for a project based on the project's objectives and the available resources.

In the same way, they know how to choose the best project management software and tools to help them guide projects from the planning stage through execution and after-action reviews.

 

Strong demand for project managers

The U.S. Bureau of Labor Statistics predicted that employment for project management specialists will grow 7% from 2021 to 2031. The BLS said that over the next ten years, there would be an average of 70,400 job openings for project managers each year. The job site Indeed said that a project manager's average base salary at the beginning of 2023 would be $84,250. Here are a few of the most common questions that companies ask when hiring project managers.

 

Responsibilities of a project manager

There are many steps to managing a project. Even though there are different names for these steps, they usually include the following:

• defining project goals;
• outlining the steps needed to achieve those goals;
• identifying the resources required to accomplish those steps;
• determining the budget and time required for each of the steps, as well as the project as a whole;
• overseeing the actual implementation and execution of the work; and
• delivering the finished outcome

As part of a robust project management plan, project managers set up controls to measure performance and progress against the project management plan's set schedule, budget, and goals. Often, this is called the project scope.

 

Project management methodologies

There are various methodologies that project managers can employ to deliver a successful project:

Agile. A methodology used for speed and flexibility, which features short delivery cycles.

Critical chain project management. An approach that focuses on the use of resources rather than on timelines.

Critical path method. A step-by-step PM technique.

Lean project management. The application of lean manufacturing principles to project management

Prince2. Originating in the U.K. and still widely used by the U.K. government to manage projects, private industry has adopted this approach internationally.

Waterfall. A management style that is sequential in nature.

 

There are other ways to do better things for specific projects. For example, rapid application development is most often used in software development to speed up the creation of apps while keeping their quality high. Some approaches focus on specific values. For instance, the Prism methodology focuses on sustainability and builds that idea into each project phase to reduce adverse effects on the environment and people. Other methods include joint application development, fountain and spiral models, building and fixing, synchronizing and stabilizing.

 

Project management vs. Operation management

Operations management and project management have to do with making the best use of resources to get things done in the most efficient, effective, and high-quality way possible, given the available resources.

Operations management is also about getting things done.

But operations management is different from project management because it always happens. Operations management ensures the same products or services are always delivered using the same project teams and processes.

 

Project management vs. Product management

Organizations value project management because it keeps projects on track and budget and focuses on completing projects to meet predetermined goals.

In the 21st century, more and more organizations added product management as a separate discipline.

Both accounting and business management are about running businesses, but their roles differ. Project managers are in charge of projects, which are short-term tasks with set beginning and ending dates. Product managers, on the other hand, are in charge of the whole product and are responsible for its success and upkeep throughout its entire lifecycle.

 

Enroll in our one-of-a-kind PMP Certification training course today and boost your project management skills to another level. Learn with the team of senior IT Project Management Consultants.

Have any questions about this PMP Certification? Feel free to ask our Subject Matter Expert at 905-629-3000

 

 

 

 

 

 

 

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